Ares Capital ups total secured revolver commitments to $1.25 billion

By Jennifer Chiou

New York, May 15 - Ares Capital Corp. amended its senior secured revolving credit facility with JPMorgan Chase Bank, NA as administrative agent, raising the total commitments to $1.25 billion from $1.17 billion, according to an 8-K filing with the Securities and Exchange Commission.

The company and Ares Capital CP Funding LLC, an indirect wholly owned subsidiary, also entered into an amendment to Ares Capital CP's revolver with Wells Fargo Securities, LLC, extending the reinvestment period to May 14, 2017 from April 18, 2015.

Ares Capital CP also extended the stated maturity date to May 14, 2019 from April 18, 2017 and reduced the range of commitment fees paid depending on the size of the unused portion of the funding facility to 50 bps to 150 bps per year from between 50 bps and 175 per year.

As a result of the amendment and the revolving credit facility upsize, Ares Capital's total available debt capacity under its revolving debt facilities is $2.19 billion as of May 14, with the total commitments coming from 22 banks.

Ares Capital is a specialty finance company based in New York.

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